Retail Real Estate Predictions Moving Into ICSC RECon 2012

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SRS Corporate Services reflects on ICSC RECon 2011 and forms predictions for the upcoming 2012 conference.

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While retailers, developers and retail real estate service providers are busy preparing for the annual, four-day ICSC RECon frenzy from May 20 - 23 in Las Vegas, SRS Real Estate Partners (SRS) Corporate Services team is answering the question “What might conference attendees expect to experience?”

SRS observed a consistent theme throughout RECon 2011: optimism, which was displayed by the nearly 30,000 ICSC members in attendance and it was the first time in several years that retailers and developers were cautiously discussing deals. Now that it is spring of 2012, SRS is seeing that cautious discussions have turned into actual completed deals. Retailers of all sizes, both in terms of store footprint and current store count, have launched measured store expansion and relocation programs as well as downsize initiatives. SRS’ brokerage team is reporting a marked increase in new store activity across all 22 offices nationwide.

Among the many reasons for this activity, SRS notes that last year’s large inventory of vacant junior anchor space, as a result of the demise of Linens and Things, Circuit City and Borders, has been reduced. This year the result of less vacant space, increasing developer flexibility and lower interest rates has helped to foster a store growth environment for retailers.

SRS’ Corporate Services team is experiencing an increased demand from retailers for both lease administration and lease restructuring and renegotiation services. Not only has the team been involved in base rent restructuring when dealing with upcoming option periods for clients; but also they have seen an increase in negotiations for downsized footprints with the landlord recapturing space within the existing footprint. Retailers are focused on occupancy cost reduction and the SRS Lease Administration team audits those expenses to keep costs down.

“We expect that RECon 2012 will be full of positive results,” said Stan Heller, executive vice president and market leader for the SRS Corporate Services team. “Retailers, developers and retail real estate service providers will be focused on well-defined expansion, relocation and restructuring plans.”

The corporate services team at SRS Real Estate Partners focuses on a singular mission: helping clients significantly reduce existing portfolio occupancy costs while mitigating portfolio risk. The dedicated and deeply experienced teams focus exclusively on lease administration, lease renewal and restructuring and portfolio disposition. On average, SRS Corporate Services saves clients 1 to 2 percent of their annual occupancy costs.

SRS Real Estate Partners will be available for meetings during the ICSC RECon convention. To schedule a meeting to discuss SRS Corporate Services, please contact Stan Heller at stan(dot)heller(at)srsre(dot)com.

About SRS Real Estate Partners
SRS Real Estate Partners (SRS) is the largest national real estate company in the country exclusively dedicated to retail services. Headquartered in Dallas with multiple offices nationwide, SRS’ strong presence across the country provides the company with unparalleled local knowledge on a national platform. As a result, clients of SRS have a competitive edge through a full range of offerings including brokerage services, corporate services, development services, investment services and management services. Since its inception in 1986, SRS has built a strong foundation in the retail real estate world and grown into one of the industry’s most influential and respected leaders. For more information, please visit http://www.srsre.com.

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Valarie Barnett

Stan Heller
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